Cheers Financial review
Updated September 30, 2026 · SumCue Editorial Team · Facts checked September 30, 2026
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Our verdict
Cheers Financial suits US adults with a valid US bank account and a Social Security number who want a small secured loan they can clear early without charge. The APR is 12.15% to 15% and there is no origination fee, so the total cost sits above the cheapest lender here.
Key facts
- Best for
- A small secured loan in the US for a borrower with a thin credit file who can put savings behind the plan.
- APR
- 12.15% to 15%↗
- Loan amount
- $151.60 to $3,197.82↗
- Term
- 24 months↗
- Arrangement fee
- 0 USD↗
- Credit check
- None↗
- Representative example
- Plan A: $175 total payments, $151.60 financed, $7/month, $23.40 total interest, 15% APR↗
- Rate type
- Fixed↗
- Lender type
- Direct lender↗
- Free early repayment
- Yes↗
- Eligibility
- 18+, valid U.S. bank account and Social Security number↗
- Origination fee (%)
- 0%↗
- Loan types
- Secured↗
- Credit needed
- Fair↗
- Legal entity
- Cheers Financial Inc.↗
- Headquarters
- United States↗
- Support channels
- Email, Community↗
- Pricing model
- Fixed rate
- Official website
- cheers.credit
Savings
- Headline rate
- 12.15% to 15%↗
- Minimum deposit
- $151.60↗
- Access terms
- 24-month term, savings returned minus interest at the end; cancel anytime and get savings to date less interest↗
- Monthly fee
- $0↗
- Account kind
- Fixed↗
Facts checked September 30, 2026, 1 source
Apps and profiles
- Elsewhere
- reviews.io
Pros and cons
Pros
- The origination fee is 0 USD, so there is no charge to set the plan up.
- Early repayment carries no charge, so clearing the balance sooner costs nothing extra.
- The credit check is none and the credit needed is fair, so a thin file does not decide the outcome on its own.
- A fixed rate of fixed with a headline rate of 12.15% to 15% keeps the monthly payment predictable.
- The minimum deposit of $151.60 keeps the savings side of the plan a small commitment.
Cons
- Amounts stop at $151.60 to $3,197.82, a small sum for anything beyond a household bill.
- A single term of 24 months on a fixed account, so there is no shorter or longer schedule.
- Support runs on email and community only, so there is no phone line when a payment goes wrong.
- APR of 12.15% to 15% sits above 12.74% to 13.01% at Ibancar Prestamos, the cheapest named lender here.
Who it suits
- US adults with a valid US bank account and a Social Security number who want a small secured loan at a fixed rate.
- Borrowers with a thin credit file: the credit check is none and the credit needed is fair.
- Households with savings to place behind the plan, since the money comes back less the interest at the end or on cancellation.
Who should look elsewhere
- Anyone outside the US: a minimum age, a valid US bank account and a Social Security number are required, so Ibancar Prestamos and Mi Prestamo are the listed routes to compare instead.
- Borrowers chasing the lowest APR here: 12.15% to 15% sits above 12.74% to 13.01%, and Ibancar Prestamos is priced lower.
- Anyone wanting an unsecured personal loan: the only loan type listed is secured, so a plan that needs no savings behind it is not in this offer.
Application and funding speed
The plan is narrow by design. Amounts run $151.60 to $3,197.82 and the term is 24 months, so this is a small loan on a set schedule rather than a flexible facility. The shape does not change once you start: the sum sits inside that range and the period is fixed from the beginning. The term cannot be adjusted later, which keeps the arithmetic simple for a household that already knows what it needs. Anyone planning a larger purchase or a consolidation of several debts should read that range carefully, because the ceiling here is low next to what unsecured personal borrowing reaches elsewhere on the page. Applying means working within the range and the period rather than negotiating them, so it suits a need that is already sized in advance.
Safety of your money
Because Cheers Financial is a direct lender, recorded as direct lender, you deal with the company that sets the terms rather than a broker passing the deal on to someone else. The representative example makes the money side plain: a sum is financed, a fixed monthly payment runs to the end, and the interest for the whole plan is collected across those payments. Nothing in that example is dressed up as a separate commission or referral charge, which is what a broker-led application tends to look like. The example is worth reading before you sign, since it shows the amount financed, the monthly outgoings and the interest together. If the schedule offered to you differs from it, that difference is the thing to ask about before you commit.
Rates and costs
The headline number is the APR, which runs 12.15% to 15% on the plans available. Interest is charged on the amount financed, and the representative example shows it collected through the monthly payments rather than rolled into a growing balance. Fees are the quiet part: the origination fee is 0 USD, and nothing else is listed to pay for setting the plan up. Early repayment carries no charge, so clearing the balance ahead of the end of the term costs nothing extra. For a household with a fixed monthly outgoing, that combination matters, because the figure to budget is the one in the example and it does not move. Readers should still run the example against their own amount, since the interest scales with what is financed.
Where it sits among rivals
The rankings place the plan in context. On loan amount it sits at 327 of 429 on the page, which shows the ceiling is a long way from the top of the market. On term the position is 85 of 126, so the period offered is shorter than most of what is listed. Those figures point the same way: this is a small, short commitment rather than a mainstream personal loan, and it has been chosen on that basis. That fits a household with a modest need and savings already set aside, and it limits anyone borrowing towards a car, a home or a balance transfer, where the amount on offer will not reach. Read the two positions together before deciding whether the range is enough for the purpose.
Who runs it
The lender is Cheers Financial Inc., based in the United States, so the product is built for the US market rather than for a European audience. Questions go to the company itself. Support runs on email and community, which means email and the community rather than a telephone line, and that shapes what to expect after a missed payment or a query about the schedule. Anyone outside the US should read the eligibility rules early: a minimum age, a valid US bank account and a Social Security number are all asked for, and none of that can be worked around from another market. A named legal entity and a clear support route are the details worth keeping to hand when you set a smaller lender beside a larger one.
How Cheers Financial compares
9.2 vs 9.0
9.2 vs 9.4
9.2 vs 9.4
9.2 vs 9.4
9.2 vs 8.5
9.2 vs 9.4
9.2 vs 9.3
9.2 vs 8.7
9.2 vs 8.9
9.2 vs 8.1
9.2 vs 8.7
9.2 vs 9.2
9.2 vs 8.7
9.2 vs 9.3
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.4
9.2 vs 9.4
9.2 vs 9.1
9.2 vs 8.9
9.2 vs 8.9
9.2 vs 9.2
9.2 vs 9.0
9.2 vs 8.6
9.2 vs 8.5
9.2 vs 8.9
9.2 vs 8.3
9.2 vs 9.5
9.2 vs 9.5
9.2 vs 9.4- 9.2 vs 9.4
9.2 vs 9.4
9.2 vs 9.3
9.2 vs 9.3
9.2 vs 9.3
9.2 vs 9.3
9.2 vs 9.3
9.2 vs 9.3
9.2 vs 9.3
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.2
9.2 vs 9.1
9.2 vs 9.1
9.2 vs 9.1
9.2 vs 9.1
9.2 vs 9.1
9.2 vs 9.1
9.2 vs 9.1
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 9.0
9.2 vs 8.9
9.2 vs 8.9- 9.2 vs 8.8
- 9.2 vs 8.8
9.2 vs 8.8
9.2 vs 8.7
9.2 vs 8.6
9.2 vs 8.5
9.2 vs 8.5
9.2 vs 8.5
9.2 vs 8.4
9.2 vs 8.2
9.2 vs 8.1
9.2 vs 8.0- 9.2 vs 8.0
Where Cheers Financial is available
- Available
- United States
Countries from the brand (Source, checked September 30, 2026)
Frequently asked questions
What fees do I pay on top of the interest?+
The origination fee is 0 USD and the monthly fee is $0, so there is no recurring charge for keeping the plan running. The cost of borrowing shows up in the APR of 12.15% to 15% instead, and the representative example shows that interest collected across the monthly payments.
How does the APR compare with the other lenders here?+
Cheers Financial runs at 12.15% to 15%. Ibancar Prestamos is priced at 12.74% to 13.01%, AXI Card Tarjeta y Credito at 21.59% and Mi Prestamo at 23%, so Ibancar Prestamos is the cheaper named option for a reader shopping on cost.
Will a credit check stop me applying?+
The credit check is none and the credit needed is fair, so a thin credit file is not the deciding factor on its own. You still need a minimum age, a valid US bank account and a Social Security number before an application can go through.
How much can I borrow and over what period?+
Amounts run $151.60 to $3,197.82 and the term is 24 months, on a fixed account. The minimum deposit is $151.60, so there is a savings element to set up before the money is advanced, and the period does not change once the plan starts.
What happens to the savings behind the loan?+
Savings you place are returned minus the interest when the term of 24 months ends. You can cancel at any time and receive the savings to date less the interest, so the money is not tied up for the whole period if your plans change.
Can I repay the loan early?+
Early repayment carries no charge, and the rate is fixed at fixed, so paying the balance down sooner costs nothing extra. If your income changes you can clear part or all of the plan without a penalty for doing it early.
Who do I deal with and how do I get help?+
The lender is Cheers Financial Inc., based in the United States, and it lends as a direct lender. Support runs on email and community, so questions go by email or through the community rather than a phone line, which matters if a payment date needs to change.
What kind of account is this?+
It is a fixed account priced on a fixed rate model, with a headline rate of 12.15% to 15% against an APR of 12.15% to 15%. The plan runs for a set period rather than rolling, so the rate and the payment stay as quoted for as long as it lasts.
Sources
- cheers.credit checked September 30, 2026
Backs: Access terms, Account kind, Loan amount, APR, Credit check, Credit needed, Eligibility, Free early repayment, Headline rate, Headquarters, Legal entity, Lender type, Loan types, Minimum deposit, Pricing model, Monthly fee, Arrangement fee, Origination fee (%), Rate type, Representative example, Support channels, Term
“You can cancel at any time and get your savings back (minus interest).”
Compiled from 1 source page, checked September 30, 2026. We did not open an account.
Not confirmed yet: Funding time.
Cheers Financial
A small secured loan in the US for a borrower with a thin credit file who can put savings behind the plan.